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Home appreciation in Montana
Montana's FHFA HPI® all-transactions index changed +2.7% over the year to Q2 2026, versus +3.0% nationally, ranking 35th of 51 states and D.C. Below, compare its 10 3-digit ZIP regions and 5 metro areas.
- 1-year change
- +2.7%
- 5-year change
- +47.5%
- Since Q1 1995
- +396%
- State rank (1 year)
- 35th
U.S. +3.0%
14th of 51
U.S. +292%
of 51 states and D.C.
Montana vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Montana: 496.2
- United States: 391.6
Montana appreciation by time window
| Window | MT | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +2.7% | +3.0% | −0.3 pts |
| 3 years | +11.3% | +12.9% | −1.6 pts |
| 5 years | +47.5% | +41.3% | +6.2 pts |
| 10 years | +113% | +93.3% | +19.8 pts |
| Since Q1 1995 | +396% | +292% | +104.7 pts |
3-digit ZIP regions in Montana
Fastest-appreciating ZIP codes in Montana →Sorted by one-year change. 3 of 10 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 594 · Great Falls, MT area | +6.7% | +57.4% | +102% | +327% |
| 2 | 591 · Billings, MT area | +6.2% | +40.8% | +78.8% | +310% |
| 3 | 590 · Livingston, MT area | +3.4% | +49.0% | +112% | +417% |
| 4 | 592 · Sidney, MT area | +2.8% | +53.0% | +127% | +421% |
| 5 | 593 · Miles City, MT area | +2.8% | +53.0% | +127% | +421% |
| 6 | 595 · Havre, MT area | +2.8% | +53.0% | +127% | +421% |
| 7 | 597 · Bozeman, MT area | +2.5% | +53.9% | +146% | +517% |
| 8 | 596 · Helena, MT area | -0.0% | +45.7% | +114% | +384% |
| 9 | 599 · Kalispell, MT area | -1.6% | +50.5% | +145% | +441% |
| 10 | 598 · Missoula, MT area | -2.8% | +44.6% | +123% | +414% |
Metro areas in Montana
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Great Falls, MT | +6.0% | +54.5% | +314% |
| Billings, MT | +4.4% | +40.9% | +318% |
| Bozeman, MT | +4.1% | +42.3% | +547% |
| Missoula, MT | +0.4% | +45.9% | +437% |
| Helena, MT | -1.2% | +45.7% | +383% |
Boom, bust, and recovery in Montana
Montana's index peaked in Q1 2008, fell 10.1% to its low in Q2 2011, and regained its peak in Q3 2014, about 6.5 years after the top. Today it sits +126% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| MT | Q1 2008 | Q2 2011 | -10.1% | Q3 2014 (6.5 yrs) | +126% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Montana's index has changed +124% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | MT after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | -1.1% | -0.8% |
| 3 years | +9.8% | +1.3% | +2.8% |
| 5 years | +24.0% | +18.9% | +13.9% |
| 10 years | +39.1% | +53.2% | +39.0% |
| Since Q1 1995 | +121% | +124% | +76.8% |
If you bought in Montana in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +385% | $1,455,488 |
| Q2 2000 | +309% | $1,225,533 |
| Q2 2005 | +181% | $841,639 |
| Q2 2010 | +145% | $735,671 |
| Q2 2015 | +120% | $660,264 |
| Q2 2020 | +74.6% | $523,833 |
| Q2 2021 | +47.5% | $442,578 |
| Q2 2023 | +11.3% | $333,815 |
| Q2 2025 | +2.7% | $308,210 |
Frequently asked questions
- How much have home prices gone up in Montana?
- FHFA HPI® data for Montana shows the all-transactions index changed +2.7% over the year to Q2 2026, +47.5% over five years, +113% over ten years, and +396% since Q1 1995.
- Is Montana appreciating faster than the national average?
- Over the past year Montana's index moved −0.3 pts versus the U.S. (+3.0%), ranking 35th of 51 states and D.C. Over five years the gap is +6.2 pts.
- Which ZIP codes in Montana are appreciating fastest?
- Over the past year the strongest of 10 3-digit ZIP regions in Montana was ZIP3 594 (Great Falls, MT area) at +6.7%, and the weakest was ZIP3 598 (Missoula, MT area) at -2.8%. 3 of 10 beat the national one-year change.